Brockton, MA- The South Eastern Economic Development (SEED) Corporation has recently closed on a small business loan to Sun Ride Transit in Brockton.
Sun Ride Transit received a $10,000 loan under the SBA Micro Loan Program to assist in the start-up of Sandra Jean-Jazques transportation business. Sun Ride Transit will provide transportation for seniors and disabled adults in the surrounding areas of Boston. Services will be provided for demand response and program-based services to state programs such as the MassHealth non-emergency medical transportation system, MassHealth funded Day Habilitation programs, Department of Developmental Services supported employment workshops and residential support. The project will create three new jobs. The business is located at 176 Howard Street in Brockton. The lending team was Tamarah Bacon, Lindsey Williams, and Laurie Driscoll.
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed behind a bank for the purchase of buildings and equipment with a life of 10 years. SEED’s portion can range from $120,000 to $5 million for most small businesses, and $5.5 million for manufacturing businesses, at a fixed interest rate below market for 20 years, currently 5.46 percent.
SEED can also lend up to $200,000 for working capital and other uses. The term on the loans is up to 10 years with longer repayment periods, if necessary. Interest rates range from 5 percent to 6 percent fixed depending on whether there is bank participation.
SEED Corporation is a non-profit economic development organization certified in 1982 by the U.S. Small Business Administration. SEED is also a Community Development Financial Institution (CDFI) under the U.S. Department of the Treasury. Under various programs, SEED makes loans from $1,000 up to $5.5 million to assist small businesses to grow and create jobs throughout the region.
For more information about the SBA 504 Program and other SEED loan programs, please call 508-822-1020 or visit SEED at www.seedcorp.com.
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